NCR Corp. offered to buyCardtronics Plc for more than $1.7 billion, beating an earlier bid for the ATM operator fromApollo Global Management Inc. and another company.
NCR, based near Atlanta, proposed a $39 per share all-cash deal, according to astatement on Monday. That compares with the $35put up by private-equity firm Apollo and Hudson Executive Capital LP late last year.
Cardtronics, which has a network of 285,000 ATMs across 10 countries, has benefited from partnering with lenders looking to offer customers access to cash while they cut the number of full-scale branches. The trend has helped to offset a longer-term decline in transactions using hard currency.
Cardtronics shares rose 15% on Friday, giving the U.K.-based company a market value of $1.8 billion. They were trading 2.4% weaker at $40.99 in pre-market trading on Monday.
NCR’s move was reported last week by Dow Jones.
“Cardtronics’ debit network is highly complementary to NCR’s payments platform and will enable the combined company to seamlessly connect retail and bank customer,” NCR Chief Executive Officer Michael Hayford said in the statement.
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